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10.10.25 - 17:45
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Iraq Inks Major Oil Development Deal With ExxonMobil (ZeroHedge)
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Iraq Inks Major Oil Development Deal With ExxonMobil
Via The Cradle
Iraq will sign an agreement with Texas oil major, ExxonMobil, to manage, develop, and operate the Majnoon oil field in the country's south, three Iraqi officials familiar with the matter told Reuters on Thursday.
The deal will also cover upgrades to Iraq's oil export infrastructure in the south and include a profit-sharing arrangement for crude and refined products. Iraq's State Organization for Marketing of Oil (SOMO) is expected to formalize the agreement alongside ExxonMobil and the state-owned Basra Oil Company.
Via Reuters
According to Bloomberg, the US-based energy giant has reached a non-binding heads of agreement with Baghdad to re-enter Iraq two years after its withdrawal.
Iraqi Prime Minister Mohammed Shia al-Sudani confirmed the preliminary deal but did not disclose details. An Exxon spokesperson told Reuters, “We are pleased to have signed an HoA with the Iraqi Oil Ministry to evaluate exploration, develo...
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10.10.25 - 15:48
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Oil Tumbles To 5-Month Lows As Gaza Ceasefire Holds (ZeroHedge)
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Oil Tumbles To 5-Month Lows As Gaza Ceasefire Holds
WTI is trading back below $60 for the first time since early May on cautious optimism about easing tensions in the Middle East and the outlook for a global supply surplus.
Source: Bloomberg
The drop comes as Middle East tensions calm with Israel and the Hamas militant group agreeing to a ceasefire in their two-year war in Gaza, easing concerns over a widening conflict in the region that could cut into oil supplies from the Persian Gulf.
"Oil steadied near recent lows, holding the week's sharpest drop amid cautious optimism over easing Middle East tensions and improved supply prospects ... Israel's approval of a peace framework, including hostage and prisoner exchanges, supported sentiment," Saxo Bank noted.
Meanwhile, oil markets are heading for a significant surplus fueled by rising output from both outside and within the OPEC+ alliance, which agreed to raise production quotas to reclaim market share over the weekend.
The broad ...
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10.10.25 - 11:30
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Oil Extends Losses Amid Middle East Peace Efforts (AFX)
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WASHINGTON (dpa-AFX) - Oil extended losses on Friday after falling more than 1 percent in the previous session amid cooling tensions in the Middle East.Benchmark Brent crude futures dipped 0.4 per......
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